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Best option to protect my assets

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v_benoit Joined: 26 May 2010 Posts: 1 1.33 Dollars($)	Posted: Wed May 26, 2010 7:34 am    Post subject: Best option to protect my assets Like 0 Dislike 0 I live in Ca and just put my rental house up for Short Sale and have several questions about my options and liability. I am upside down about $260,000 on this property. 1) If the bank will not forgive the differance between what it sells for and what I owe am I obglated to sell? 2) Can I opt to give the house back to the bank instead? 3) Is it better to let the bank forclose? I have one other rental house a work/live commercial building, small IRA and bank accounts. I want to protect what I have, what is the best option in this case?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu May 27, 2010 12:12 am    Post subject: Like 0 Dislike 0 Hi v_benoit, You will be liable for the deficient amount resulting from the sale of the property if the lender does not forgives the amount. If you surrender the property and walkaway from it, then the lender will foreclose it which will have a negative affect on your credit report. As you want to protect your other assets, I would suggest you to contact your lender and apply for a deed in lieu of foreclosure. You won't be liable for the deficient balance if the lender accepts this. Thus, your other assets will be secured. _________________ Procrastination is the enemy of your financial success

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